The Blue Knights have warned of the financial consequences of Bill Miller’s ‘newco’ plan for Rangers.
Paul Murray, who spearheaded the consortium’s bid before joining forces with Sale Sharks owner Brian Kennedy, argued that a likely three-year European ban could prove highly damaging.
The Scottish consortium’s plan relied upon exiting administration through a Company Voluntary Arrangement (CVA), but American Miller does not need a creditors’ agreement to proceed with plans to form a new company.
Former Rangers director Murray also expressed frustration that their condition of acquiring Craig Whyte’s 85% shareholding was viewed as an obstacle by administrators Duff and Phelps.
They had previously been quoted as describing Whyte as an “irrelevance” and although they later denied using the term, they continued to stress the owner would not be an impediment to the process.
In a statement issued to BBC Scotland, Murray said: “We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football.
“We believe that our bid was, and remains, the best bid for Rangers Football Club and its supporters.
“We were therefore surprised and disappointed to be informed earlier today that a preferred, non-exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a newco structure.
“Whilst we acknowledge that the acceptance of a newco structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action.
“We believe that the complexities of a newco process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters.
“Under our CVA-proposed transaction, these issues could have been addressed more easily.
“Whilst we also acknowledge that the delivery of Craig Whyte’s shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps.
“With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond.”
.
NegAnon2 on
jockfc – on the face of it Whyte gets nothing and becomes a creditor like everyone else.
Seems he is not shouting about it – which seems very strange does it not. He and Miller are in cahoots here.
This really is a disgrace and Duff and Duffer think they will get away with saying this is the best deal for creditors. How can it be – the land on its one is worth far more than that. It is in creditors best interest to liquidate the club and get as much for it as possible.
But will our media point this out? Course not. Will however HMRC and ticketus go after them in court – here’s hoping. It would only take one creditor to take em to court to bring the whole lot down.
My work colleague knows a creditor……mmmmmmmmm
Saint Stivs on
Philbhoy – It’s just the beginning! on 3 May, 2012 at 21:30 said:
O.G…..
What a game!
What memories!
———–
aye, it was a riot
Philbhoy - It's just the beginning! on
Does anyone really think HMRC, Ticketus, Saint Craig of Motherwell (maybe Carfin) et al will take this lying down?
Me neither.
Snake Plissken on
Sorry but Bangura is a bit of a diddy
O.G.Rafferty on
Philbhoy, 21:30
Indeed, and being one of 40 Celtic fans padlocked in under the car deck on the boat home, with 800 rabid huns trying to rip the protective shutters off with their bare hands, lives long in the memory as well
Algarvian on
Nawwwwwwww!
oglach on
booooo hoops greedy git
O.G.Rafferty on
Hooper denies Ibraham a goal
Snake Plissken on
Gary Hooper Just leave the ball and it’s a goal
Patrick27 on
Why Gary why? Poor ibrahim
Vinibhoy - Named Neil Lennon on his birth certificate on
Ibraham would have scored! Greedy fecker!
fanadpatriot on
Houston is telling how you should play ,this is the man who crapped it against the skint mob,no wonder Scottish football is in a bad state.
Houston /Levein God help Scottish Football
O.G.Rafferty on
Hooper taps in from an offside position as the ball was about to cross the line
oglach on
Sympathy for the devil = Nah
jockcfc on
NegAnon2 on 3 May, 2012 at 21:32 said:
jockfc – on the face of it Whyte gets nothing and becomes a creditor like everyone else.
Seems he is not shouting about it – which seems very strange does it not. He and Miller are in cahoots here.
This really is a disgrace and Duff and Duffer think they will get away with saying this is the best deal for creditors. How can it be – the land on its one is worth far more than that. It is in creditors best interest to liquidate the club and get as much for it as possible.
But will our media point this out? Course not. Will however HMRC and ticketus go after them in court – here’s hoping. It would only take one creditor to take em to court to bring the whole lot down.
My work colleague knows a creditor……mmmmmmmmm
……………………………………………………………..
let’s hope so.. i can’t see this bid going through.
fan-a-tic on
Hooper denies Ibrahim on his debut.
Should have let it roll in.
Young guy has Had some great touches since coming on
Just took us @ 12/1 to score next goal, thanks Hoops :<(
NegAnon2 on
Philbhoy – this really is a national disgrace – its is quite the worst most corrupt scam I have ever come across (and thats saying something in my line of work).
That the SPL and SFA will play ball with this really says it all.
And as for Celtic?????????????????
Joe Filippis Haircut on
Sorry to say I still cant see a striker in Bangura I dont think he is our answer.H.H.
Dickie Davies Eyes on
Hooper denies Ibrahim a goal by tapping in from offside.
Linesman injures himself and replacement is found already wearing uniform.
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or a first name for a surname
most boring game I’ve ever watched!
Is Mo’s age in euros? ..
Patrick 27…
By that logic, Lenny is out.
“I always have trouble remembering three things: faces, names, and – I can’t remember what the third thing is.”
-Fred Allen
O.G….
I still remember That cup final!
So, Mike is a legend, in my book anyway.
how much will c whyte get out of the 11 mil?. it really does’nt add up
Typical end of season game
Big Vic playing like it is over
Philbhoy, 2012
I still have the flag from it (first Celtic game)
Milller has bought nowt!
Absolutely nowt.
How tall is Rabu? he looks about 5′ tall.
Peter Houston and Murdo and AN Other crappy BBC commentator are per usual;
Celtic Haters and Hun soup takers…..Fecken Liars and free Loaders on the Hun gravy train.
HH
O.G…..
What a game!
What memories!
just wide, Hooper.
mike conroy.
real saint stivs alumini 1
Hooper flashes one inches wide
good effort hoops unlucky
The Blue Knights Have their say
The Blue Knights have warned of the financial consequences of Bill Miller’s ‘newco’ plan for Rangers.
Paul Murray, who spearheaded the consortium’s bid before joining forces with Sale Sharks owner Brian Kennedy, argued that a likely three-year European ban could prove highly damaging.
The Scottish consortium’s plan relied upon exiting administration through a Company Voluntary Arrangement (CVA), but American Miller does not need a creditors’ agreement to proceed with plans to form a new company.
Former Rangers director Murray also expressed frustration that their condition of acquiring Craig Whyte’s 85% shareholding was viewed as an obstacle by administrators Duff and Phelps.
They had previously been quoted as describing Whyte as an “irrelevance” and although they later denied using the term, they continued to stress the owner would not be an impediment to the process.
In a statement issued to BBC Scotland, Murray said: “We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football.
“We believe that our bid was, and remains, the best bid for Rangers Football Club and its supporters.
“We were therefore surprised and disappointed to be informed earlier today that a preferred, non-exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a newco structure.
“Whilst we acknowledge that the acceptance of a newco structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action.
“We believe that the complexities of a newco process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters.
“Under our CVA-proposed transaction, these issues could have been addressed more easily.
“Whilst we also acknowledge that the delivery of Craig Whyte’s shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps.
“With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond.”
.
jockfc – on the face of it Whyte gets nothing and becomes a creditor like everyone else.
Seems he is not shouting about it – which seems very strange does it not. He and Miller are in cahoots here.
This really is a disgrace and Duff and Duffer think they will get away with saying this is the best deal for creditors. How can it be – the land on its one is worth far more than that. It is in creditors best interest to liquidate the club and get as much for it as possible.
But will our media point this out? Course not. Will however HMRC and ticketus go after them in court – here’s hoping. It would only take one creditor to take em to court to bring the whole lot down.
My work colleague knows a creditor……mmmmmmmmm
Philbhoy – It’s just the beginning! on 3 May, 2012 at 21:30 said:
O.G…..
What a game!
What memories!
———–
aye, it was a riot
Does anyone really think HMRC, Ticketus, Saint Craig of Motherwell (maybe Carfin) et al will take this lying down?
Me neither.
Sorry but Bangura is a bit of a diddy
Philbhoy, 21:30
Indeed, and being one of 40 Celtic fans padlocked in under the car deck on the boat home, with 800 rabid huns trying to rip the protective shutters off with their bare hands, lives long in the memory as well
Nawwwwwwww!
booooo hoops greedy git
Hooper denies Ibraham a goal
Gary Hooper Just leave the ball and it’s a goal
Why Gary why? Poor ibrahim
Ibraham would have scored! Greedy fecker!
Houston is telling how you should play ,this is the man who crapped it against the skint mob,no wonder Scottish football is in a bad state.
Houston /Levein God help Scottish Football
Hooper taps in from an offside position as the ball was about to cross the line
Sympathy for the devil = Nah
NegAnon2 on 3 May, 2012 at 21:32 said:
jockfc – on the face of it Whyte gets nothing and becomes a creditor like everyone else.
Seems he is not shouting about it – which seems very strange does it not. He and Miller are in cahoots here.
This really is a disgrace and Duff and Duffer think they will get away with saying this is the best deal for creditors. How can it be – the land on its one is worth far more than that. It is in creditors best interest to liquidate the club and get as much for it as possible.
But will our media point this out? Course not. Will however HMRC and ticketus go after them in court – here’s hoping. It would only take one creditor to take em to court to bring the whole lot down.
My work colleague knows a creditor……mmmmmmmmm
……………………………………………………………..
let’s hope so.. i can’t see this bid going through.
Hooper denies Ibrahim on his debut.
Should have let it roll in.
Young guy has Had some great touches since coming on
Ibrahim has looked good so far
Just took us @ 12/1 to score next goal, thanks Hoops :<(
Philbhoy – this really is a national disgrace – its is quite the worst most corrupt scam I have ever come across (and thats saying something in my line of work).
That the SPL and SFA will play ball with this really says it all.
And as for Celtic?????????????????
Sorry to say I still cant see a striker in Bangura I dont think he is our answer.H.H.
Hooper denies Ibrahim a goal by tapping in from offside.
Linesman injures himself and replacement is found already wearing uniform.
“When the going gets weird, the weird turn pro.”
– Hunter S Thompson